A London-based fintech has announced it has completed the strategic £120m transaction to achieve its goal of becoming the UK’s leading digital lender.
Jaja Finance Ltd offers digitally managed credit card products with a focus on simplicity, functionality, service and security. The strategic transaction has resulted in a consortium of KKR and TDR Capital LLP becoming the majority shareholders of Jaja.
The initial investment of up to £120m marks the start of a long-term strategic partnership with its majority shareholders to support the digital lender’s ambitious growth plans for years to come. Original investors, including IAG Silverstripe, retain significant interests.
Jaja intends to use the initial investment to fuel its growth plans while driving consumer credit transformation. Its growth will be underpinned by a significant hiring drive that will result in a 40% increase in product and data science, software development, engineering and IT teams by the end of 2022.
David Chan, CEO of Jaja Finance, said: “The announcement of the support of two leaders in the investment industry is a clear vote of confidence in Jaja’s growth story, our plans and our people.
“Our new shareholders will bring valuable insights to the company and help support our mission to provide best-in-class core technologies, products and services while delivering innovations that matter to customers.”
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